27 September 2018_campuscad
China is the world’s largest electric vehicle market and sold almost 5, 00,000 vehicles in 2017. In 2015, Beijing confirmed its plan to dominate the EV market by using Government subsidies to customers and boost the local manufacturers. low cost manufacturing and low labor cost with fast delivery and supply chain of raw steel suppliers and Plastic injection mold manufactures help China to lead the market. The Education in tooling has recently applaud by Apple CEO Tim Cook in an recent interview.
In 2014, EV sold in China was 50,000 and EV market is rapidly growing by almost 10X in 2017.
China’s ambitious goal to sell around 20 lakhs electric and hybrid vehicles by 2020 helped local manufacture to build at least one electric model by 2019. China has more than 169 domestic automakers.
In between January to June 2018, around 3, 73, 000 EV sold out in China alone and expect to sell 1 million by the end of 2018 which is huge as compared to the rest of the world.
In China EV called as New Energy Vehicles (NEV). To improve the quality of Battery range and other safety standards, Government made some rules to get subsidy for manufacturer like minimum range would be 150 km on single charge with 105 W/kg battery capacity.
World’s second largest EV market is US where homegrown automaker Tesla is leading the way. Tesla’s huge fan following and branding by CEO Elon Musk made Tesla more valuable than GM and Ford and any other Electric vehicle around the world with $48 billion market cap.
Tesla sold around 70, 610 in last 2 quarters of 2018. The build quality and the battery range (Around 354 Km per charge) offered by Tesla is far ahead than Chinese EV’s. Tesla model 3 has earned 5 star safety rating by NHTSA (National Highway Traffic Safety Administration.) in frontal, side and rollover crashes.
Chinese government is giving as much as 55,000 Yuan (INR 5,75,000) subsidy on purchase of electric vehicle. Another problem with the market is, no charging network availability in the country to support the EV.
Tesla Competitors in China (Audi launched E-tron SUV-All Electric)
Bayton- Electric sedan and MVP concept showcased in Beijing Motor show and will launch production by 2021.
BYD- Build Your Dreams – China’s Largest EV maker has tied up with Daimler to produce more EV. Currently company offers its E6 electric taxi build for ride hailing drivers like Uber, DIDI, and Ola with 250 miles per charge and 2 hours charging time.
BAIC, Changjiang EV, Kandi, Nio are some of the new players eyeing to compete with Tesla in China.
For more such daily stories, sign up below.